TeraWulf's AI Compute Revenue Outpaces Bitcoin Mining Amid $427 Million Loss

1 week ago 11

In brief

Shares successful TeraWulf (WULF) fell connected the time aft the steadfast reported a $446 cardinal nonaccomplishment successful Q1.
The steadfast reported revenues of $34 million, 60% of which are present attributed to its enlargement into AI HPC.
Meanwhile its Bitcoin mining revenues fell 50% quarter-over-quarter to astir $13 million.

Shares successful publically traded Bitcoin miner TeraWulf (WULF) finished the trading time down 2.6% aft the steadfast posted a quarterly nett nonaccomplishment of much than $427 cardinal successful Q1 2026, compared to conscionable a $61.4 cardinal nonaccomplishment successful Q1 2025.

During the quarter, the steadfast reported revenues of $34 million—60% of which, oregon $21 cardinal worth, came from its modulation to AI compute—a 117% summation from the erstwhile quarter. On the different hand, its Bitcoin mining revenues shrank by 50% implicit the aforesaid play to astir $13 million.

“The archetypal 4th of 2026 was defined by execution,” said TeraWulf CEO and Chairman Paul Prager, successful a statement. “We entered the twelvemonth with a afloat established platform, including sites, contracts, and capital, and are present converting that instauration into operating show and recurring revenue.”

The firm’s committedness to high-performance computing (HPC) is highlighted by an October Google-backed deal, which expanded its antecedently announced 10-year multi-billion dollar committedness with FluidStack to a 25-year lease woody worthy astir $9.5 cardinal successful contracted revenues.

Moving forward, TeraWulf expects overmuch much consistent, structured revenues from its AI compute deals, contrasting its aboriginal with the humanities absorption and reliance upon a less-steady Bitcoin mining pursuit.

“The archetypal 4th reflects a much stable, contracted gross model,” said CFO Patrick Fleury, successful a statement. “As we proceed to scale, we expect the concern to beryllium progressively driven by recurring, contracted revenue, reducing vulnerability to the volatility historically associated with Bitcoin mining.”

The firm, which indicated it volition proceed to repurpose elements of its Bitcoin mining concern to “support higher-value HPC workloads,” concluded the 4th with astir $3.1 cardinal successful currency and currency equivalents.

Despite dipping connected the day, shares of WULF are up much than 30% successful the past period of trading, precocious changing hands astir $23.51. WULF has gained much than 105% since the twelvemonth began.